A systems perspective on markets – Toward a research agenda
Stephen L. Vargo,
Javier Reynoso and
Journal of Business Research, 2017, vol. 79, issue C, 260-268
This paper addresses the implications of an emerging, increasingly important way of thinking about markets: systems thinking. A market is one of the most founational abstractions in marketing and business research; yet, it often receives too little attention. As a result, the taken-for-granted assumptions about markets spur from over-simplified conceptualizations of neoclassical economics that depict markets as static and mechanistic. Systems thinking represents a major change in perspective that involves transcending this mechanistic worldview and thinking instead in terms of wholes, relationships, processes, and patterns. We argue that building a theory of markets based on systems thinking, would enable scholars to develop more realistic models that correspond with fast-changing business environment and therefore, increase both the rigor and relevance of future research. To further this aim, we identify the main implications of systems thinking and formulate them into a research agenda to further the systemic understanding of markets.
Keywords: Markets; Systems thinking; Marketing; Complex systems; Research agenda (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbrese:v:79:y:2017:i:c:p:260-268
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